Disability Insurance Options Provide More Choice for North Carolina's Small Business Owners

Online, March 1, 2010 (Newswire.com) - RALEIGH,NC -- For North Carolina's 778,027 owners of small businesses, the risk of disability remains one of the most significant threats to not only their personal financial well being, but also their business's viability.

"As the recession and market declines have taken their toll, owners of small businesses are recognizing the need to shore up their financial safety net with enhanced disability coverage. Small business owners face a disability triple threat. They have to be concerned with keeping a roof over their head, keeping their business's door open, and keeping their business investment intact", said Reilly O'Neal, disability insurance specialist and president of QuoteRetriever.com in Raleigh, NC.

To meet this need, QuoteRetriever.com -- a leader in providing insurance solutions for small business owners -- has announced innovative programs designed to help protect North Carolina's business owners in the event of a disability. These programs solve the critical problems of covering personal income, overhead expenses, key person replacement, and succession-oriented buy-out planning for business owners and their partners.

Small business insurance protection solutions include:

•Personal Disability Income - helps pay living expenses, such as mortgage/rent, utilities, food and other financial obligations. Maintain one's lifestyle without draining savings or business profits.

•Business Overhead Expense - reimburses business owners for fixed business expenses such as rent, staff salaries, utilities and phone in order to help keep their businesses' doors open. This allows temporarily disabled owners to return to a financially sound business or avoid adverse impact on the business so it can be sold.

•Business Loan Protection - a rider on Business Overhead Expense insurance that helps owners cover business-related loan obligations during a disability.

•Disability Buy-Out - funds a buy-sell agreement to buy out a disabled business owner to help keep the business value intact and ensure its succession. Help's the business survive a partner's departure allowing the remaining owner(s) and their families to receive the full value of the business.

•Key Person Replacement - a cost-efficient way to provide funds to handle the loss of a key employee due to a total disability. Offsets the costs of recruitment, temporary staffing, or revenue gap.

Many North Carolinians erroneously believe they will never become disabled in their lifetimes, but in reality, one in three workers will suffer a disability lasting three months or longer during their working years. In 2007, 14.9 percent of those between the ages of 21 and 64 were classified as disabled.

"If you are a small business owner with a couple of partners or maybe it's just you and a few key employees, statistics show that one of you will likely suffer a disability at some point in your career. The good news is that the financial nightmare is avoidable if the proper planning is done. The insurance products are out there for small business owners to protect themselves. The key is to speak with a disability insurance specialist who can evaluate your situation and help you put together a plan for you and your business" said O'Neal.

You can request comparison quotes on disability insurance by visiting QuoteRetriever.com or by visiting DisabilityInsurance.QuoteRetriever.com